It seems to me that there is one MAJOR player missing from this scenario. That would be Xstrata, who, to my understanding are the biggest producers of chromite on the planet. Unless (only speculation on my part) there is some type of deal between them, Cliff's,Not and FWR that we are not privy too, then you would think that they would not want someone else to own the purportedly largest Chromite find in the world and undercut their market share, and also the ability to service the North American market.

I don't personally believe that this deal is the best for the FWR shareholders (of which I am one)and is, in my opinion, very much undervalued for the supposed size and value of this, and the FWR/SPQ/KWG joint venture. I do believe that Mac said "no less than $2.00 a share". Well this is quite a bit off of the target, don't you think.

As a friend of mine commented today, "It is a chess game, but we don't even get to see the board". So true.

As always, this is pure speculation on my part.

JFN